3) or NOI by starting with the latest rent roll, apply the local vacancy %, use the new property taxes, use actual insurance and utilities from the 2015 financials, estimate annual maintenance of $500-$700 per unit, include annual replacement reserves of $200 per unit and include a 4-8% property management fee based on size and location?

F meaning you won't roll down your windows and that you'll probably be repurchasing your rehab materials several times during the process.

Is 75% based off of the ARV, so rehab may be rolled into the loan, or is it based off of the present state where rehab should be done with hard money first?

When February rolled around I received a regular invoice and the $120 was mysteriously missing yet again.

I plan to roll my 401k Into an IRA and liquidate 75% of it to purchase and operate the new business.  

Laughed out loud at some of the humor and I can tell you have myself spent many hours on  Google / YouTube to llearn how to fix things (as my wife rolls her eyes in the background).

But just taking the shotgun approach and rolling up on the owner without any info on them or the property is usually an exercise in futility IMO.

Most, like rentals, require some cash to get rolling.

Also, the buyers assumedly walked down these same stairs during their walkthrough, and if it didn't bother them then, it shouldn't bother them now, and as others mentioned, they're just using the inspection to roll the price back to where they want it.

With that being said, roll up your sleeves, because it takes effort.May I inquire as to what career path led you away from say being an architect?